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Wednesday, 23 March 2016

IFC, EIB and Ecobank Deepen Partnership to Boost SME Finance across Africa

IFC, a member of the World Bank Group, the European Investment Bank (EIB) and Ecobank Transnational Incorporated (ETI), parent company of the Ecobank Group and leading pan-African full-service banking group, today signed a landmark risk-sharing agreement that will help fill the gap in financing for small and medium sized enterprises in some of Sub-Saharan Africa’s poorest and most fragile countries. Under the agreement, EIB, which is already a key partner in IFC’s Global SME Finance Facility, will join IFC’s existing risk-sharing facility with ETI. The two institutions launched that facility in May 2015. EIB and IFC will share 25 percent of the risk in the $110 million facility, alongside ETI. The facility is designed to overcome the challenges of lending to smaller businesses which have a higher risk profile.

Source: eib.org